Pi Network News: Does Pi Coin Need a $1 Peg to Stay Relevant?

The post Pi Network News: Does Pi Coin Need a $1 Peg to Stay Relevant? appeared first on Coinpedia Fintech News

Pi Network has had a tough year with big ups and downs. Many investors left after the price dropped, raising doubts about its future.

But crypto analyst Dr. Altcoin is still positive. He says Pi doesn’t need to be a $1 stablecoin to work for peer-to-peer (P2P) payments. The question is, can it really succeed in P2P?

Pi Needs to be Pegged Like Stablecoin?

Crypto users on social media have raised the question whether Pi needs to become a stablecoin pegged to $1 to thrive in peer-to-peer transactions. But Dr Altcoin explicitly said “no,” it doesn’t require that. According to him, investors’ trust and real-world utility are far more important than stability, as they can drive the adoption rate just like Bitcoin and Ethereum. 

He also gives a hypothetical situation, saying that if millions of people and businesses begin pricing goods and services in Pi, then the community itself will provide stability. If that happens, it won’t need a 1:1 peg to dollar, as the value will be balanced by supply and demand. 

Dr Altcoin wrote, “Its real stability will come from Wide adoption, Trust among Pioneers, and a strong ecosystem where Pi is directly accepted.” 

“In other words, Pi’s true strength lies in becoming the currency of its own digital economy, not in simply mirroring the U.S. dollar,” he added. 

What’s the Market Action of Pi?

The Pi network team is continuously hustling to recover the crypto from its previous failures. From token unlocking to challenges in listings, Pi has been in a constant struggle to keep the investors convinced. 

But there may still be some hope for Pi, as the team is now preparing the v23.01 upgrade and a September 3 mainnet launch. It is expected to strengthen the network security and performance. The new technological feature has renewed users’ interest as it is ready to transform Pi into a more open blockchain. 

If the move goes right, this could become a turning point for Pi Network, strengthening its position in the ever-evolving crypto ecosystem.